bank rates

6-Month CD Rates Roundup: Top National Deal Pays 2.68%

top 6 month cd rates

One bank is leading the charge on 6-month CDs. Advancial Financial Credit Union is offering 2.68% APY with a hefty $25,000 minimum.

That minimum is tough to hit. Fortunately, there are two banks right behind Advancial offering 2.60% APY on this term.

As always, shopping locally may earn you more from a credit union or community bank. We’ll talk about how to find those deals.

The top national yields

The top 6-month CD rates have inched up around a full percentage point since this time last year, when the most you could have earned was around 1.05% APY.

Now you’ll find 10 banks offering rates of 2.25% APY or above.

Naturally, we’d love to see these short-term rates move up even more.

Advancial takes the top spot on our list this month. But it requires you to join as a member. Granted, the requirements are pretty lax. Membership is open to anyone who joins Connex, a professional network. You also have to be 18 or older and be a U.S. resident or permanent resident alien.

If you’re willing to drop a few percentage points, Banesco USA and My eBanc are both offering 2.60% APY on 6-month CDs with much easier minimum deposit requirements — $1,500 and $5,000, respectively.

Here Are The Top National 6-month CDs

Bank Yield Minimum Deposit
Advancial Federal Credit Union 2.68% $25,000
Banesco USA 2.60% $1,500
My eBanc 2.60% $5,000
Live Oak Bank 2.45% $2,500
TAB Bank 2.45% $500
First Internet Bank of Indiana 2.43% $1,000
Virtual Bank 2.40% $10,000
Limelight Bank 2.35% $1,000
PenFed 2.30% $1,000
TIAA Bank 2.25% $5,000

Before locking into any certificate of deposit, it’s always prudent to search Bankrate’s extensive database of the best CD rates to make sure you’re getting your absolute best deal of the day.

Earn more with local deals

As our readers know, the very best rates in the country are usually from a community bank or a credit union requiring CD buyers to jump through a hoop or two.

That makes it crucial to shop around at your local credit union or community bank.

Start by searching our database of the top CDs.

Waiting on the Fed

All of these deals are far better than what you’ll find at most banks, where the national 6-month average remains around a pitiful 0.34% APY.

That’s a trivial gain from the record-low 0.14% APY we saw in June 2014.

Rewind to February 2007 and the national average return was 3.50% APY – a reasonable rate of return by most historical standards.

The huge disparity between then and now comes from the Fed’s decision to stem the economy’s bleeding by pushing short-term interest rates to record lows during the 2008 financial crisis – and tethering them there.

That chilly seven-year period finally concluded when the Fed’s rate-setting committee launched what was then forecasted to be a series of small, gradual hikes over the next several years.

So when can we expect another boost?

We may see one at the Fed’s next meeting.

Until then, the most we can do is shop wisely and hope to see higher rates soon.

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